GOP facing ‘extinction-level event’ after explosive gas price forecast: strategist

While the U.S.-Israeli war against Iran has sent oil prices soaring, with the national average cost for a tank of gas recently eclipsing $4, experts are now forecasting $6-per-gallon prices as early as this summer, a forecast that one media and political strategist said, if accurate, would lead to an “extinction-level event” for Republicans in the midterms.

President Donald Trump kicked off the U.S.-Israeli war against Iran in late February, prompting Iran to shut off U.S.-aligned vessels from accessing the Strait of Hormuz, a critical shipping channel through which 20% of the world’s oil trade flows. As a result, oil prices have increased to levels not seen since Russia’s 2022 invasion of Ukraine, and show no signs of easing.